Located at 5622 Evers Road in Northwest San Antonio, Vista del Rey marks the sixth multifamily purchase for Falkin Platnick in the greater San Antonio area, according to Stuart Falkin, a principal in Falkin Platnick.

Falkin Platnick’s financial partner in the property is KCB Management Inc. — a Pasadena, Calif.-based investor. The firms will own the complex under an entity called San Antonio-Vista del Rey LLC.

The attraction of Vista del Rey? The size of the development was a plus, says Falkin. The complex’ location — it is located less than half a mile from the Loop 410/Evers Road intersection — was also a factor.

The complex offers plenty of upside for the firm, Falkin adds. “It’s in need of some TLC,” he says.

The venture is not wasting any time giving Vista del Rey the attention it needs. All told, San Antonio-Vista plans to invest some $3 million to upgrade the property.

Falkin declined to divulge the purchase price. He does say, however, that the price was “in line with a product that needs $3 million in upgrades.”

The property is appraised at $12 million, according to the latest information from the Bexar County Appraisal District.

The to-do list for renovating Vista del Rey includes refurbishing the community’s three pool areas, installing new balcony and patio railings, and making renovations to the office and clubhouse of the property.

The ownership team also plans to rip out the miles of railroad ties that make up Vista del Rey’s retaining wall, and replace them with a cement block product that will “add significant curb appeal,” Falkin says. The cedar siding — much of it deteriorated right now — will be replaced with Hardi Plank siding.

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